Court places restriction on Osun bank accounts
The restriction follows a suit filed by Gamji Nigeria Company Limited seeking an order to preserve funds in the state government’s accounts pending enforcement of the outstanding payment award. The post Court places restriction on Osun bank accounts appeared first on Premium Times Nigeria .
A Federal High Court in Lagos has ordered commercial banks to place a "Post No Debit" restriction on accounts operated by the Osun State Government. This follows a suit filed by Gamji Nigeria Company Limited seeking to preserve funds in the state government's accounts pending enforcement of an outstanding payment award.
The restriction relates to a $13.9m arbitration award in favour of Gamji Nigeria Company Limited, which arose from water infrastructure projects executed in Ilesa West Local Government Area of Osun State. The award includes $13,924,343.32 and N157.5m.
The banks listed in the order include Guaranty Trust Bank, Access Bank, First Bank, Zenith Bank, United Bank for Africa, Ecobank, Fidelity Bank, Stanbic IBTC, Sterling Bank, Union Bank and Wema Bank, among others, according to Daily Post Nigeria.
Brief written by urgent.news from Premium Times, Daily Post Nigeria — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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